Food prices push Malawi inflation rate to 23.5%

Malawi inflation rate rose tp 323.5 percent in july 2015, a 0.9 percentage points from the previous month’s of 22.6 percent, according to the National Statistical Office (NSO) in Zomba has said.

The rise of inflation -as measured by the Consumer Prices Index – rhas been attributed due to the increase in food inflation which jumped by 1.5 percentatge

Accoridng to official figures, inflation rate is now 2.5 percentage above the annual target set by Reserve Bank of Malawi.

Local economic justice lobby group, the Malawi Economic Justice Network (Mejn) executive director Dalitso Kubalasa said the inflation rate rise shows how difficult times are and will be in the foreseeable future

With the rise in inflation, an investment and advisory firm Nico Asset Managers is projecting a further rise in prices, resulting in lower disposable incomes and reduced savings.